Valid from 19/07/2007
751BSection 751A: supplementaryU.K.
(1)An application by a company under section 751A—
(a)must be made in such form as the HMRC Commissioners may determine,
(b)must be accompanied by such documents (or copies of documents) in the company's possession or power as those Commissioners may reasonably require for the purpose of determining whether to grant the application, and
(c)must contain such information as those Commissioners may reasonably require for that purpose.
(2)An application by a company under section 751A—
(a)may be made at any time on or before the filing date (within the meaning of Schedule 18 to the Finance Act 1998) for the relevant company tax return of the company, and
(b)may be amended or withdrawn at any time before the application is determined by those Commissioners.
(3)If an application by a company under section 751A is granted after the company has delivered its relevant company tax return, it has 30 days beginning with the day on which the application is granted in which to amend that return to give effect to section 751A.
(4)The time limits otherwise applicable to an amendment of a company tax return do not prevent an amendment being made under subsection (3).
(5)If the HMRC Commissioners refuse an application by a company under section 751A, the company may appeal to the Special Commissioners against the refusal.
(6)Notice of an appeal must be given in writing to the HMRC Commissioners within 30 days after the application is refused.
(7)On an appeal—
(a)if the Special Commissioners are satisfied that the relevant amount is a different amount from the amount specified in the application, they must direct the HMRC Commissioners to grant the application as if the amount specified in it were that different amount,
(b)if the Special Commissioners are satisfied that the relevant amount is the amount specified in the application, they must direct the HMRC Commissioners to grant the application, and
(c)in any other case, the Special Commissioners must confirm the refusal.
(8)For the purposes of subsection (7) “the relevant amount” means the amount (if any) equal to so much of the chargeable profits mentioned in subsection (4) of section 751A as can reasonably be regarded as representing the value mentioned in that subsection.
(9)Part 5 of the Management Act (appeals against assessments to tax), apart from section 50, applies in relation to an appeal under this section as it applies in relation to an appeal against an assessment to tax.
(10)In this section “relevant company tax return”, in relation to a company, means the return for the accounting period for which—
(a)any sum is chargeable on the company under section 747(4)(a), or
(b)any sum would be so chargeable but for section 751A,
in respect of the chargeable profits of the controlled foreign company for the accounting period mentioned in section 751A(1).
(11)In this section “the HMRC Commissioners” means the Commissioners for Her Majesty's Revenue and Customs.